WorksheetsQuiz Topic 9-Non Current Asset
Total questions: 5
Worksheet time: 80secs
Which two(2) of the following accounts is a non current asset
Building
Retained earnings
Trademarks
Reserves
What is depreciation
The residual value of a fixed assets plus its original cost
The cost of a replacement for a fixed asset
The cost of an asset wearing away
The part of the cost of the fixed asset consumed during the period of use by the business
Which of the following is not the method of depreciation
Straight line
Reducing balance
Replacement method
sum of years digits
In the accounting records, the fixed assets are normally recorded
At cost
At book value
At replacement value
At scrap value
What does it mean by the yearly method of depreciation
No depreciation in the year of purchase and full year's depreciation in year of sale
Full year's depreciation in year of purchase and no depreciation in year of sale
Full year's depreciation in year of purchase and sale
Monthly depreciation in year of purchase and sale
